When you have property insurance on your religious facility, it will cover the things you own. For example, if someone steals the copper wiring in the AC, or if your building gets set on fire, property insurance will cover this. The second type of coverage that you have with church insurance is called liability insurance. This is what your church could be held liable for because of the actions of others. That includes if someone gets injured, damages property or hurts your reputation.

Because churches have grown increasingly vulnerable to false accusations and lawsuits, if someone claims harm, you want liability coverage to step in and cover you. Discuss the possibility of all exposures so that you can acquire adequate protection. What are the common types of liability? First, you have general liability, which covers property damage and bodily injury. In addition to covering damage, the policy will also help with the defense costs associated with litigation. Church insurance experts recommend that you have around $1 million of general liability coverage.

Second, you may want employment practices liability. This gives you coverage for claims that happen because of events related to employment. For example, if you encounter a lawsuit for discrimination or wrongful termination. We have seen more claims surrounding this area because of gender and age discrimination.

Professional liability for counseling acts is another thing that you want to cover. In some cases, people have accused pastors of emotional or physical harm. When the coverage claim arises, you want this coverage to match your general liability limits. Workers' compensation coverage is another thing that you want. You want it to cover 100 percent of an employee's medical bills, and you will want the policy to cover negligent acts from employees. An insurance agent can help you to determine the right amount of coverage for your church.

Call Pachuta Insurance Today @ 706-769-2262
Source:
AG Financial Solutions

Did your car insurance company just drop you? Don't panic! You do not have to be a victim. When auto insurance companies drop a customer, you normally have two reasons: cancellation or nonrenewal. A nonrenewal occurs when your insurance provider decided to part with you at the end of the policy. This will either happen for business reasons that have nothing to do with the customer, or it can happen because they view you as a high-risk customer. When a company cancels on you, this is more severe, and it happens when the company drops your coverage before the term ends.

Under state law, car insurance companies have been given specific situations where they can cancel a policy. What happens if you find yourself in one of these situations? First, start shopping around. When an auto insurance company decides not to renew your policy it could be due to reasons that have nothing to do with you. For example, they might be trying to phase out a specific type of coverage. If it is for a non-renewal clause, the insurance company will normally have to notify you beforehand.

Should an insurance provider cancel their policy with you, you should be prepared to pay more elsewhere. Never misrepresent yourself on an application, get convicted for DUI or have numerous accidents. All of these could be grounds for termination of your policy.

In some cases, you can fight a cancellation if you think the reason is unclear. If the company did not make it clear for why they cancelled their policy, you should contact them to learn about it. Under federal law, your insurance company must contact you before they cancel your policy so that you will not be blindsided. The length of notice will depend on your home state, but Georgia insurance providers can cancel a policy after 10 days of nonpayment.

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Source:
Christian Science Monitor
United Policyholders

In the past nine months, fires have destroyed dozens of churches. If you will truly have full protection from church insurance, then we recommend you look at certain clauses in your insurance policy. For example, the market value versus the replacement value should be looked at, and you need to understand the difference between replacement value and market value. Market value exists as what you could sell the church for on the open market today. Replacement value, on the other hand, evaluates how much it will cost to rebuild your church.

It is not uncommon for churches to have a market value of $650,000 but a replacement value of $1.5 million. How does this relate to your church insurance policy? If a total loss occurs, you want to ensure that the policy will insure the full replacement value over the market value. Nevertheless, you also want to make sure that you have adequate insurance. If you have under insured your property, that can have a significant impact on your church.

Let's say that you have damaged shingles because of hail, and you only insured it for 40 percent of the replacement value. Your claim will be less, and if the damage is significant enough, your ministry could have to pay for it. Provided you can afford it, experts always recommend insuring for the full replacement value.

Also, be careful of purchasing from a non-church carrier. While some of these companies will be great with car insurance, they will rarely give you the coverage or limit needed for helping your church in the event of a disaster. All insurance policies will seem like the same until you have to file a claim. During this time, you discover the good policies from the bad ones. Not all policies were created equal, and the market will vary based on the level and type of coverage chosen.

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Source:
UMC.org

While liability car insurance will pay for damage that you cause to other people and their property, if you do not have enough coverage, you could have no choice but to hand everything over in a lawsuit case. That includes your retirement. Nathan Mahlik, a State Farm agency owner in Danville, California, told people that if they do not have enough liability coverage, they will have to risk their future wages and assets. Does that seem worth it to you?

What retirement plans could be at risk? First, the Employee Retirement Income Security Act ensures that creditors cannot gain access to certain plans. This includes both the 401(k)s and pensions. However, if you have a certain type of IRA or a different type of retirement plan, you may not have the same protection. Traditional IRAs will have protection up to an extent across all 50 states, but in Georgia and California, you may have part of your IRA withdrawn for the satisfaction of a judgment.

If you have a Roth IRA, it will not be protected in Georgia or the following states:

• Alabama
• Idaho
• West Virginia
• Wyoming
• California
• Hawaii
• Indiana

How much car insurance do you need for protection? The state minimum required for auto insurance will often not cover everything. For example, Florida's state auto insurance minimum sits at $20,000 for injury and $10,000 in property damage. If you have that type of minimum, it will quickly add up. In some cases, a large reward can push up to $351,829. Doing the minimum level of coverage can become a huge mistake. To reduce this problem, it becomes a great idea to carry liability coverage that will at least cover your net worth. In doing that, you protect yourself from a large judgment against you.

Call Pachuta Insurance Today @ 706-769-2262
Source:
Nerdwallet